global education ltd share price Management discussions


Global growth decelerated sharply to 1.7 percent in 2023 the third weakest pace of growth in nearly three decades, overshadowed only by the global recessions caused by the pandemic and the global financial crisis. This reflected synchronous policy tightening aimed at containing very high in ation, worsening financial conditions, and continued disruptions from Russias invasion of Ukraine. The United States, the euro area, and China are all undergoing a period of pronounced weakness, and the resulting spillovers are exacerbating other headwinds faced by emerging market and developing economies. The combination of slow growth, tightening financial conditions, and heavy indebtedness is likely to weaken investment and trigger corporate defaults.

Further negative shocks such as higher in ation, even tighter policy, financial stress, deeper weakness in major economies, or rising geopolitical tensions the global economy into recession. In the near future, urgent global efforts are needed to mitigate the risks of global recession and debt distress. Very high in ation has triggered unexpectedly rapid and synchronous monetary policy tightening around the world to contain it, including across major advanced economies. Although this tightening has been necessary for price stability, it has contributed to a significant worsening of global financial conditions, which is exerting a substantial drag on activity. This drag is set to deepen given the lags between changes in monetary policy and its economic impacts, and the fact that real rates are expected to continue to increase. Asset prices have been in broad, synchronous decline, investment growth has weakened substantially, and housing markets in many countries are worsening rapidly. Shockwaves continue to emanate from the Russian Federations invasion of Ukraine, especially in energy and other commodity markets.


For the Indian economy, 2023 was a year of resilience and of successfully navigating a challenging external environment. The stability and growth momentum continued despite multiple global headwinds including the Omicron wave, the Ukraine- Russia o ensive with subsequent elevated crude prices and persistent global supply chain disruptions. The global in ation in advanced economies was accompanied by tightening monetary policy stance, which in turn created a ripple effect in global markets. Despite in ationary pressures and global macro uncertainties, the Indian economy grew by 9.7 percent in the first half of 2022-23, and by 6.3 percent in July-September quarter spurred on by strong private consumption and investment. Both levers of macroeconomic policy scal and monetary have played a role in managing the challenges that have emerged over the past year. The central bank of the country Reserve Bank of India (RBI) also undertook monetary and liquidity measures to rein in in ation while continuing to support economic growth. Some other measures included cutting down excise duty on fuel and supply-side measures to ease food in ation. The governments focus on bolstering capital expenditure also supported domestic demand in the first half of the financial year 2022-23. In addition, India overtook the United Kingdom to become the fth largest economy in the world.

A resilient domestic in flow rendered support to the foreign institutional investment volatility in a year that was a choppy ride for the Indian stock markets. Since June 2022, stock markets bounced back, driven by better-than-expected corporate earnings in the first quarter of 2022-23. Moderation in domestic in ation and global commodity prices, and a reversal in foreign portfolio flow back into India also contributed to the growth.

The appreciation of US dollar led to the depreciation of the INR and other emerging economy currencies. However as per the RBIs report despite reaching an all-time low of INR 82, the Indian Rupee has been least disruptive among peers and has appreciated against most currencies, barring a few. Indias foreign exchange reserves in excess USD 500 billion has been described in a World Bank report as one of the largest holdings of international reserves which can provide some cushion against global spillovers.


Education industry is one of the fastest developing sectors worldwide, generating large scale revenues and employment. There have been major changes occurred in recent past in the structure and education technology driven by foreign education demand, e-learning and test preparation market. With the effect of globalization, the demand for better education has increased, largely through increased private participation. E-education market is a burgeoning segment with high growth potential in the industry.

The growth of internationalization in the education sector is one of the major reasons for the market growth of the higher education sector. Several higher education institutes are integrating intercultural and international dimensions into education due to the rising need to attract the best students and sta , improve the quality of education, and generate revenue. Also, the increase in tertiary enrollments globally has led to a rise in the need for internationalization. The internationalization of teaching and research is one of the major growth strategies adopted by various higher education institutes.

India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development in the education system. Moreover, the aim of the Government to raise its current gross enrolment ratio to 33 per cent by 2023 will also boost the growth of distance education in India. India has the largest population in the world in the age bracket of 5-24 years with 580 million people, presenting a huge opportunity in the education sector. The education sector in India was estimated to be worth US$ 117 billion in FY20 and is expected to reach US$ 225 billion by FY25. India has over 250 million school-going students, more than any other country India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development and improvement in the education system.

With cutting-edge technologies such as AI, ML, IoT and blockchain, Indias education sector will rede ne itself in the years to come. It has also embraced the Education 4.0 revolution, which promotes inclusive learning and increased employability. The government has implemented policies like the NEP, which has been fully implemented over the course of this decade and will have a strong focus on high-quality vocational education.

The Central Government plans to disburse US$ 1 billion to states for introducing skill development initiatives. Skill India Mission 2015 is aimed at skilling 400 million Indian youths by 2024. Skill India program has benefitted more than one crore (10 million) youth annually.

Education sector in India remains to be a strategic priority for the Government. The Government has allowed 100 per cent Foreign Direct Investment (FDI) in the education sector through the automatic route since 2003. Total FDI in flow in Indias education sector stood at US$ 7.92 billion between April 2000 to June 2022 according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT).


Indias education market is projected to be valued US$ 225 billion by FY25, up from an estimated US$ 117 billion in FY20.More pupils than any other nation attend school, with over 250 million doing so in India. In India, there were 38.5 million higher education students registered in 2019 20, with 19.6 million men and 18.9 million women.

In FY20, 42,343 colleges were operating in India. There were 1,072 universities in India as of November 25, 2022. There will be 8,902 AICTE-approved institutions in India overall in 2022 2023. There are 3,577 undergraduate, 4,786 postgraduate, and 3,957 diploma institutions out of these 8,902 institutions. The Indian edtech market is anticipated to grow from US$ 700 800 million in 2021 to US$ 30 billion by 2031. India has surpassed the US to become the second-largest market for e-learning, according to KPMG. In India, the market for online education is anticipated to increase by US$ 2.28 billion between 2021 and 2025, at a CAGR of about 20%. In India, the market expanded by 19.02% in 2021.


The Indian education sector is at a crucial stage in its growth phase. The countrys demographic advantage of a large young population coupled with low gross enrolment ratios (GERs) presents a huge opportunity to players in the education sector

Other significant actions done by the government include:

= The Indian education industry is open to 100% FDI under the automatic approach.

= To liberalise the sector, the Government has taken initiatives such as the National Accreditation Regulatory Authority Bill for Higher Educational and the Foreign Educational Institutions Bill

= The government schemes of Revitalising Infrastructure and System in Education (RISE) and Education Quality Upgradation and Inclusion Programme (EQUIP) are helping the government tackle the prominent challenges faced by the education sector.

= In February 2022, the central government approved the "New India Literacy Programme" for the period FY 2022-27 to cover all the aspects of adult education to align with National Education Policy 2020 and Budget Announcements 2022-23.

= In February 2022, the Ministry of Education approved the scheme of Rashtriya Uchchatar Shiksha Abhiyan (RUSA) to continue till 2026

= National Education Policy (NEP) 2020 emphasis on early childhood care and education. The 10+2 structure of school curricula is to be replaced by a 5+3+3+4 curricular structure corresponding to ages 3-8, 8-11, 11-14, and 14-18 year, respectively

= The Cabinet accepted the continuance of the Samagra Shiksha School Education Scheme in from April 1, 2021, to March 31, 2026

= The National Skill Development Corporation (NSDC) launched the largest Impact Bond in India, with a US$ 14.4 million fund, to help 50,000 youngsters in the country acquire skills necessary for employment.

= As per the Union Budget 2022-23, allocation towards the Samagra Shiksha Scheme has increased by around 20.3%, from Rs. 31,050.16 crore (US$ 4.16 billion) in FY22 to Rs. 37,383.36 crore (US$ 5.01 billion) in FY23.

= The ATL Space Challenge 2021 was launched by the Atal Innovation Mission (AIM) in cooperation with the Indian Space Research Organisation (ISRO) and the Central Board of Secondary Education (CBSE) for all school students in India

= The National Commission for Women started a country-wide capacity building and personality development programme for women undergraduate and postgraduate students in an e ort to make them more independent and job ready. The commission will partner with central and state institutions to prepare women students for the job market by providing sessions on personal capacity building, professional career skills, digital literacy and effective use of social media.

= STEM-based edtech companies are partnering with Niti Aayog and the government to build a STEM ecosystem by establishing Atal Tinkering Labs (ATL) to spread knowledge about STEM, STEAM, AI, ML, AND Robotics for K-12 students.

= Minister of Railways, Communications, Electronics and Information Technology, launched Rail Kaushal Vikas Yojana, a programme under Pradhan Mantri Kaushal Vikas Yojana (PMKVY), to empower youth by providing entry-level training in industry relevant skills through railway training institutes.


In 2030, it is estimated that Indias higher education will:

= Combine training methods that involve online learning and games, and it is expected to grow by 38% in the next 2-4 years.

= Adopt creative and transformational strategies for higher education.

= Own a 50% increased Gross Enrolment Ratio (GER).

= State-level, gender-based, and societal disparities in GER should be reduced to 5%.

= Become the worlds leading supplier of talent, with one in four graduates coming from the Indian higher education system.

= Be among the top ve countries in the world in terms of research output with an annual R&D spend of US$ 140 billion.

= Have more than 20 universities ranked among the top 200 in the world.

Education sector has seen a host of reform and improved financial outlays in recent years that could possibly transform the country into a knowledge heaven. With human resource increasingly gaining significance in the overall development of the country, development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade. Aside from focusing on innovative education methodologies such as E-learning and M-learning, several government programmes are being implemented to encourage the expansion of the remote education business. The Indian government has taken a number of actions, such as creating new IITs and IIMs and providing educational grants for research scholars in most government institutions. Furthermore, the higher education sector in India is poised for significant change and development in the years to come as a result of the growing usage of the online form of education by several educational institutions.


The National Education Policy 2020 (NEP 2020), launched on 29 July 2020, outlines the vision of Indias new education system. NEP 2020 focuses on ve pillars: A ord ability, Accessibility, Quality, Equity, and Accountability to ensure continual learning. It has been crafted consistent with the needs of the citizens as a demand for knowledge in society and economy called for a need to acquire new skills on a regular basis. Thus, providing quality education and creating lifelong learning opportunities for all, leading to full and productive employment and decent work as enlisted in United Nations Sustainable Development Goals 2030, forms the thrust of NEP 2020. The new policy replaces the previous National Policy on Education, 1986 and forms a comprehensive framework to transform both elementary and higher education in India by 2040. The NEP 2020 calls for key reforms in both school and higher education that prepare the next generation to thrive and compete in the new digital age. Thus, there is much emphasis upon multi-disciplinary, digital literacy, written communication, problem-solving, logical reasoning, and vocational exposure in the document.


The online education industry is transforming rapidly, and it is evident with the growing adoption of digital learning.

The online platform providers play a core role in online education system. Initially, the platform served as enablers by connecting prospective students and content providers. Online education in India has a mix of dedicated online only and o ine players with an online presence. C2C business models have also emerged where the platform connects prospective teachers and student. B2B offerings are prevalent in higher education, where institutions offer degree/diploma courses to students through their own platforms or third party aggregators.

The country has become the second largest market for E-learning after the US. The sector is expected to reach US$ 2.46 billion by 2023 with around 9.5 million users. 2021 changed the course of education across the world, but it has especially been a year of change for online learning. This year proved that blended learning, video classes and upskilling are not just temporary trends but will continue to grow and evolve in the years to come. The online learning industry in India is expected to reach $4 billion by 2025.

In FY 2022, online education entered into the second year of the pandemic. The covid period has opened up several opportunities for tech talent and with several advancements and innovations coming to the fore; the sector is continuously striving to provide new opportunities for young talent, both in terms of realigned skill sets as well as completely new job roles. Technology is playing a large role in how were approaching education.

Technologies such as Augmented and Virtual Reality (AR/VR) and Arti cial Intelligence (AI) were already on an upswing, but the pandemic has accelerated the pace of their adoption. Edtech revolution is not just a temporary trend fuelled by the pandemic, but a permanent change in the way education will be imparted in the future. The colossal scale of the transfer of knowledge, and the availability of interactive learning, made possible by edtech platforms have breathed in a new life into Indias education system that was traditionally rigid when it came to adoption of tech. Thus, in 2022 and the decades to come, edtech will continue to transform teaching-learning processes for the better. Industry reports suggest that the aggregate revenue of Indian Edtech startups has doubled since FY 2018 and this rate is expected to only multiply. Coupled with an exponential rise in the number of paid Edtech users (projected by KPMG to reach 37 million by 2025), the Indian Edtech industry presents huge opportunities for foreign investors.

Increasing Investments from Venture Capital Firms in Education-Technology to Surge Market Opportunities

Over the past ten years, education-technology (EdTech) deals have exploded in value and number, reaching approximately 300 transactions by 2020. In parallel, the number of venture capital (VC) investing in EdTech companies is increasing dramatically. As per the World Economic Forum (WEF) report of April 2019, the global Ed-tech investments have reached USD 18.66 billion in 2019. According to the annual report published by European EdTech VC Educapital, global Ed-tech investment was projected to be growing by 77% in 2018 to reach USD 8.3 billion. The United States, France, India, and China are the major investors in Ed-tech. Similarly, prominent companies such as Owl Ventures, Kapor Capital, Exceed Capital, and others are investing in many educational technologies to improve the education system. Thus, growing funding for transforming the education system will drive advanced higher education technology market opportunities .

Automation to the new normal for schools

Covid paved the way for schools to incorporate automation in the form of ERP software. They have been embracing automation as a solution to minimize the burden on teachers as well as bridge the teaching-learning gaps. It is anticipated that automation in schools will pick up pace in the times ahead! This trend was highlighted by Modor Intelligence in its recent report which states that the global ERP market size for schools in 2020 was valued at $8.05 billion and is projected to reach $18.82 billion by 2026 growing at a CAGR of 16.2%. The study also points out that the Asia Pacific region especially India is the fastest-growing market. It further highlights that schools are increasingly adopting automation and the solution will emerge to be the new normal for schools in the times to come.

Automation is playing a major role in seamless school management as well as fulfilling the demand of schools, students and parents. By adopting ERP software, they are able to function with a data-based approach and manage operations smoothly. Not only it offers high-end educational experiences to the learners but even enables parents to stay updated about their childs progress and ongoing school activities in real-time. With this new-age technology, schools have been able to turn paperless! On the whole, the solution is streamlining the work ow, offering superior educational experiences as well as bringing parents closer to their childrens school life.

Corporate Training :

Due to the inadequacies in the Indian Education system which does not prepare an individual with vocational and employment ready skills, the companies have to spend a significant amount of financial resources on the proper organizational training of the employees. This is one of the main reasons that the Indian Corporate training market is expected to experience a steady growth by 2023. It is anticipated to reach Rs. 4,200 crore by FY2024 by a CAGR of 11% (FY17-FY23). With a plethora of new, advanced technologies and concepts such as Arti cial Intelligence, the demand for training is not only going to increase but also be diversi ed. Companies have realized that while normal calendar training is important, disruptive training is becoming the need of the hour as it is more effective in creating a more productive and skilled taskforce.

Soft skills gaining prominence as this helps in better communication and coordination with their counterparts at work. Companies are more and more looking for job-ready talent who can hit the road running from day one. The tech industry has been one of the major contributors in terms of employment and in terms of achieving the government mission in taking the economy to $5 trillion by 2024.

Robust Flexibility of Online Learning to Increase Its Popularity :

O ine learning captures maximum share due to the high preference for traditional teaching-learning methods. However, the amalgamation of digitalization such as e-learning or smart learning in the traditional teaching methods. Incorporating advanced learning methods has reduced the facultys workload by automating various educational processes, and it is encouraging organizations to adopt these technologies.

The online learning segment is likely to witness remarkable growth during the forecast period. This is owing to the rise in funding for online education programs. Besides, the scalability and flexibility offered by online learning platforms are likely to aid segmental growth in the forthcoming years.


(a) Investments in Education: 100 per cent FDI (automatic route) is allowed in the Indian education sector. An estimated investment of US$ 200 billion is required to achieve the governments target of 30 per cent GER for the education sector by 2023. The government also promotes Public Private Partnership (PPP) and tax concessions to encourage foreign players in the industry. There is a large opportunity for financial institutions in the sector.

(b) Immense Growth potential: India has the worlds largest population of about 500 million in the age bracket of 5-24 years and this provides a great opportunity for the education sector. The Indian education sector is set for strong growth, buoyed by a strong demand for quality education. The education industry in India is estimated to reach US$ 75 billion by 2023 from US$ 97.8 billion in 2016. The Online Education Market share in India is estimated to grow by USD 2.28 billion from 2021 to 2026. Factors such as skill development and employment and the emergence of cloud computing are significantly driving the Online Education Market in India

(c) Growth driver for Online Education:-

= A Low-cost Alternative: Online platform needs lower infrastructure cost to serve a large base of students hence leading to saving on cost through economies of scale.

= Provides Quality education to aspirants: It has been observed that areas where availability of quality o ine education is a challenge the aspirants adopt nontraditional education methods. There is a vast difference between the quality of education between rural and urban India which can be met by use of online courses. As per KPMG, open courses and distance learning enrolments in India to rise to round 10 million in 2022 witnessing a CAGR (Compound Annual Growth Rate) of around 9%.

= Strong growth in internet penetration: There is an increasing penetration of internet in semiurban and rural areas of India. Nearly 735 million internet users are projected by 2023. This provides huge growth opportunity for online education.

= Growing penetration of Smartphone : There are around 291 million smart phone users in India and it is estimated to reach 570 million by 2024. This will further add to the demand for online education due to convenience of medium. Availability of low-cost smartphones has led to an increase in the demand for internet services. This has spurred the demand for online content, including education material, in both rural and urban areas. People are considering online learning as a low cost substitute for traditional learning.

= Rising aspirations for a better job opportunity: As per KPMG, around 280 million job seekers are expected to enter the job market by 2050 in India. Hence there will be an increased competition and the demand for industry relevant training is expected to grow.

= Strong Government Push: Government initiatives such as SWAYAM, E-Basta, Rashtriya Madhyamik Shiksha Abhiyan (RMSA), Skill India and Digital India will enable the infrastructure needed by students to study online.

= Automation at Scale : Constant look out for smart and intelligent automation solutions.

= Going Digital: Increased digital transformation efforts across domains in the post-COVID world. The Internet being a ordable with strong bandwidths and the campaign called Digital India in hand has brought a massive surge in this industry. The government aims to ensure universal access to mobile phones, to facilitate people with high-speed internet, to bring electronic delivery of services, to provide online information and knowledge accessibility easy to all citizens through this campaign.

= Emergence of cloud computing: online education market trends in India is the rise of cloud computing. The government, has established the National Digital Library and the National Academic Repository to support e-learning in educational institutions. The adoption of cloud-based learning platforms in the online education market will assist in resolving the issue of insu cient infrastructure and security, resulting in increased adoption of cloud-based learning platforms.

(d) Public Private Partnership (PPP) :

Setting up of formal educational institutes under the Public Private Partnership (PPP) mode and enlarging the existing ones . In the case of PPP the Government is considering different models like the basic infrastructure model, outsourcing model, equity/hybrid model and reverse outsourcing model.

(e) ‘Study in India Campaign:

Government promoted new scheme ‘Study in India to bring foreign students to higher educational institutions.

(f) Adoption of the online learning model:

Amid the COVID-19 crisis, education instruction and study patterns have drastically changed in the country. The lockdown has accelerated the adoption of the online learning model, which was already on its way to becoming a booming market in India. Virtual classrooms and various online tools are enabling better interaction between teachers and students daily and more users are getting familiar with these platforms. Digital education is providing both teachers and students with new opportunities to teach and learn thereby ensuring greater participation in the overall learning process. With the advent of new technology-aided learning tools such as smartphones, smartboards, MOOCs, tablets and laptops etc has transformed the way education is being imparted in schools and colleges.

g) Start-ups in EdTech

The pandemic brought unrivaled changes in the education sector and gave a great opportunity for start-ups to nd their chance to bring a change. The Education and Training Industry also acquired more start-ups and gained Investments for the same, as compared to 2019.

EdTech start-ups are working towards more engaging products; products considering the users learning ability and bringing about a positive change by making them personalized than ever before.

As e-learning continues to grow more popular, its scope is widening worldwide due to pandemic led restrictions. As a result, Indias own education technology (Edtech) sector is expected by industry analysts to become a US$30 billion industry over the next decade. The Internet of Things (IoT) is further proving to be one of the most cost-e ective ways to educate students. It is also powerful system to integrate a world-class learning experience for everyone. The EdTech companies are constantly working to nd innovative solutions to increase access to education.


With having the business operations in different industry segments, Global is exposed to variety of external and internal risks. Though the company has a robust mechanism for risk management in place, however, complete risk avoidance on all the nancial, operational and strategic objectives cannot be promised. Boards of directors and management of the company regularly review and aim to mitigate various risks related to regulatory, competition, geography, human resource, technology, legal, political etc.

= Lack of infrastructure and essential learning environment: In India, high-speed broadband is either not available in many places or is too expensive, rendering the idea of cost-e ective online education unworkable. Facilities such as optical ber transmission and internet service providers are not available in less developed states or isolated towns. Furthermore, fundamental IT infrastructure, such as advanced hardware, software, and data centres, are not available for services that incorporate both classroom and e-learning. As a result, despite widespread use of the Internet and cellphones, the market for online education faces challenges due to a lack of infrastructure and learning settings.

= Regulatory risk: Any changes in regulatory norms on the Formal as well as Informal Education front may significantly impact the investment made in education by the Company. The Company is continuously making an e ort to upgrade its services, leveraging technological advancements, expanding the product portfolio to minimize the regulatory risk, if any.

= Pressure on margins: There could be a margin pressure due to sta costs, cost of study material, high advertising and business promotions, etc, going forward. We believe the Company has sufficient tools to counter these factors, if the same arises.

= Attrition: Attrition in the senior management/faculty team may impact the business. The Companys strategy for retaining talent involves offering competitive compensation packages, faculty training system in place for new entrants and existing faculty, along with a healthy working environment.

= Geographical concentration: The Company derives the larger share of its revenue from Maharashtra. Hence, any disruption in operations, or competition at this location could impact overall operations significantly. The Company is making a concerted e ort to expand its operations pan-India, overseas and is also boosting its Technology O erings, Distance Learning segment etc.

= Threat of New Entrants with moderate Minimal infrastructure requirements allow start-ups to venture into the pre school and vocational study sectors. The rapidly changing world, the speed of knowledge creation, and economic pressures are causing higher education institutions to place greater emphasis on flexibility.

= Education Institutions are in serious financial crisis. Moreover, increased student fees, substitutions of loans for grants, diminishing subsidies to student facilities and so on form a financial barrier to perspective students .

= Fragmentation of Online Markets and the vendors are deploying various organic and inorganic strategies to compete in the market.


Your Company is strategically preparing itself for the next phase of growth through value-added capabilities, new capacities, continuous perseverance, and inventiveness. It is taking on new opportunities which are bottom line accretive and margin accretive. The expansion strategies have been devised keeping in mind its risk-mitigating approach towards incurring capex and making continuous investments into the productive assets to become "future ready" and deliver on our promises. The Companys agile business model and portfolio ensured conversion of opportunities, maximally optimizing the countrys conducive and relatively stable environment in an otherwise volatile global weather, leading to a quantum leap in performance, back to pre-pandemic and pre-portfolio realignment levels. Cost efficiency programs together with strategic investments for new facilities, product launches, and launch of online business models supported this journey of pro table growth.


The Company achieved total income for the financial year 2022-2023 on standalone basis stood at Rs. 6422.31Lakhs.; a growth of 55.60% compared to the FY 2021-2022.


EBITDA for the full year was reported at Rs 3670.82 Lakhs as against Rs.1846.71 Lakhs in the previous year increased by 98.77%

Net Pro t after Tax :

The net profit (excluding comprehensive income) grew at 109% from Rs. 1085.23 lakhs for FY22 to Rs. 2269.06 Lakhs for FY23 in the backdrop of cost-optimization measures, innovative service-delivery models and operational e ciencies.

Earnings per Share :

Adjusted Diluted earnings per share stood at Rs. 11.18 in FY 2022-2023 as against Rs.5.36 in FY 2021-2022.

Cash and Bank Balances :

The Balance Sheet of the Company is also quite healthy with almost no debt, reasonable working capital cycle and cash/liquid investments valued at about Rs. 902.12 Lakhs as on 31st March 2023 as against Rs. 387.06 Lakhs in the previous year.

a) Performance of the Segments of the Company :

i) Educational Training And Development Activities :

The Company achieved Gross Value Services of Rs. 4321.33 Lakhs during the financial year, compared to Rs. 1847.00 Lakhs in the preceding financial year on standalone basis. This segment reported a increase in the performance during the year due to new segment of medical training programs and increase in demand for soft skill development programs in the Corporates and other allied institutions across the state.

ii) Educational Business Support Activities:

The Company achieved Gross Value of Trading and Support activities comprised of Rs. 1877.70 Lakhs during the financial year, compared to Rs.2093.18 Lakhs in the preceding financial year on standalone basis. The Performance of Products segment demonstrated a slight decrease in FY 2022-23.

However your Company has developed an extensive network of domestic clientele and undertaken meticulous efforts to position its products into right geographies, cater to high value end-users and elevate operational e ciencies.

b) Capital Expenditure:- During the year under review, your Company entailed a capital expenditure of around Rs.333.043 Lakhs towards expansion in Supply of Infrastructure & Other services segments, to enhance the capacities of major services and also towards increasing operational e ciencies.

c) Dividend Policy : Your Company continues to reward its shareholders well. Given improved performance, Cumulatively, the company has declared/ recommended a Total Dividend of 50% for the year under review comprising of Interim Dividend @ 30% i.e. Rs. 1.50 (Rupee One and Paise Fifty Only) per Equity Share of face value of Rs.5/- each and Final Dividend @ 20% i.e. Rs. 1.00 ( Rupee One Only) per Equity Share of face value of Rs.5/- each (subject to approval of the Members of the Company at the ensuing Twelfth (12th) Annual General Meeting ).Our Company has formal dividend distribution policy and the said dividend pay-out is in compliance with the applicable Secretarial Standard -3 (SS-3) on Dividend issued by the Institute of Company Secretaries of India.

d) Significant Changes in Key Financial Ratios:

Following are ratios for the current financial year and their comparison with preceding financial year, along with explanations where the change has been 25% or more when compared to immediately preceding year.

Key Financial Ratios

2022-23 2021-22
Debtors Turnover Ratio 4.91 3.13
Debtor Days 85 101
Inventory Turnover Ratio 13.12 3.44
Inventory Days 28 106
Interest coverage ratio Nil Nil
*Debt Equity Ratio Nil Nil
Current Ratio 4.70 6.46
Return on Net Worth (%) 34.79% 23.37%
Operating Pro t Margin (%) 49.08% 36.98%
Net Pro t Margin (%) 36.71% 27.71%

* Company is a Debt Free Entity, having no Interest Expenses and External Borrowings.

Debtor Turnover ratio: During the FY 2022-23 the debtor turnover ratio is 4.91 as compared to 3.31 in FY 2021-22 on account of overall improvement in market and efficient realization of receivables.

Debtor days: The debtor days have decreased from 101 days in FY 2021-22 to 85 days in FY 2022-23 on account of the Companys conscious efforts and effective control over Debtor realization.

Inventory days: The inventory days have decreased from 106 days in FY 2021-22 to 28 days in FY 2022-23 Revenue growth and efficient inventory operations during the year has led to faster inventory churning and thereby the inventory turnover ratio has been improved

Interest Coverage Ratio: During the F.Y. 2022-23 and F.Y. 2021-22 interest coverage ratio is Nil.

Inventory Turnover ratio: During the FY 2022-23 the inventory turnover ratio is 13.12 as compared to 3.44 in FY 2021-22 on account of efficient inventory operations during the year has led to faster inventory churning.

Current ratio: During the FY 2022-23 the current ratio is 4.70 as compared to 6.46 in FY 20221-22. Because of investment in subsidiaries and associate by the profit generated the current ratio declined a bit. Well, it is above the industry bench mark

Operating profit margin: The operating profit margin has increased from 36.98% in FY 2021-22 to 49.08% in FY 2022-23 on account of increase in growth of revenue growth.

Net profit margin: The net profit margin has increased from 27.71% in FY 2021-22 to 36.71% in FY 2022-23 on account of growth in revenue, receivables realization and faster inventory churning

Return on Net Worth: The return on net worth has increased from 23.37% in FY 2021-22 to 34.79% in FY 2022-23 on account of growth in revenue, receivables realization and faster inventory churning

e) Publishing and Content Development:

Under its brand Global Publications, the Company publishes niche test prep titles for popular entrance examinations in India. The Company seeks to leverage "Global Publications" brand image and reputation to reach out to what it believes to be a significant student population currently relying on self-study, to cross-sell its test prep courses. Further in addition to content in English, the Company is in the process of gradually adding dual language titles (in Hindi and regional languages),across different examinations, with the objective of deepening its presence in regional markets.


Global has demonstrated its excellence to thousands of satisfied students and their corporate clients. All this would not be possible without the committed and passionate people of GEL-both academic and non-academic sta , who strive to build this a great organization each and every day. They remain committed to companys ideals of building on a strong foundation, creating a bright future and delivering great value. The company continues to strengthen the management team and add additional talent and expertise. By 31 March 2023, the Company had total number of permanent employees of 41and 212 professionals [Contractual employees].

FY2024 is poised to be another growth year for the industry where digital skills will be high on demand. There is huge focus on innovation and partnership across the ecosystem. Global is well aligned with these trends where we have developed an ecosystem of skill development, digital reskilling and matching to latest technologies.

Globals team is focused on investing in upskilling individuals with the latest technology skills and providing them with career paths that match their aspirations by acquiring the best talent available in each of the industry it operates in, providing a supportive and vibrant workplace to engage that talent.


The Company has proper and adequate internal control systems, which ensure that all assets are safeguarded against loss from unauthorized use and all transactions are authorized, recorded and reported correctly. The Management continuously reviews the internal control systems and procedures to ensure orderly and efficient conduct of business. Internal audits are regularly conducted, using external and internal resources to monitor the effectiveness of internal controls. The Company deploys a robust system of internal control that facilitates the accurate and timely compilation of financial statements and Management reports; ensures regulatory and statutory compliance; and safeguards investors interests by ensuring the highest level of governance and periodical communication with investors.

Messers C. R. Sagdeo & Co.; Chartered Accountants, Nagpur (ICAI Firm Registration No. 108959W) is the internal auditor of the Company, who conducts audit and submit quarterly reports to the Audit Committee. The Internal Audit is processed to designed to review the adequacy of internal control checks in the system and covers all significant areas of the Companys operations. The Audit Committee reviews the effectiveness of the Companys internal control system. The WTD and CFO certi cation section of the annual report further discusses the adequacy of our internal control systems and procedures.


The Company has a robust Risk Management Charter and Policy, which provides an overall framework for Risk Management (RM) in the Company. The key elements of the Companys risk management framework have been captured in the risk management policy, which details the process for identifying, escalating, prioritizing, mitigating, and monitoring key risk events and action plans. The assessment of the risks covers areas of Strategy, Technology, Finance, Operations and Systems, Legal & Regulatory and Human Resources. There are appropriate assurance and monitoring mechanisms in place to monitor the effectiveness of the risk management framework including the mitigation plans identified by the management for key risks identified through the risk management exercise.

The Companys existing framework provides for risk reviews at various levels based on Companys organizational structure matrix. Periodic assessment of risks, potential impact relating to business growth, pro tability, talent engagement, and market position are conducted. Response to key operational risks, based on inputs received from the internal and external assessment, internal audit, performance review etc. are done on a regular basis


= Various government initiatives are being adopted to boost the growth of distance education market, besides focusing on new education techniques, such as E-learning and M-learning. The concept of anywhere, anytime, self-paced learning through live and interactive digital media is gaining widespread popularity and acceptance among students, especially those who are otherwise unable to receive quality education in physical classrooms. Over the next ve years, the digital education segment looks set to track higher growth trajectory even as the government intensi es its focus to transform India into a digitally empowered and knowledge-based society..

= Education sector has seen a host of reforms and improved financial outlays in recent years that could possibly transform the country into a knowledge haven. With human resources increasingly gaining significance in the overall development of the country, development of education Infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade.

= Moreover, availability of English speaking tech-educated talent, democratic governance and a strong legal and intellectual property protection framework are enablers for world class product development.

= The Government of India has taken several steps including opening of IITs and IIMs in new locations as well as allocating educational grants for research scholars in most government institutions. Furthermore, with online modes of education being used by several educational organisations, the higher education sector in India is set for some major changes and developments in the years to come.

= As e-learning continues to grow more popular, its scope is widening worldwide due to pandemic led restrictions. As a result, Indias own education technology (Edtech) sector is expected by industry analysts to become a US$30 billion industry over the next decade. The pandemic carved the path for the digital revolution of the market and upscaled its landscape significantly. While the sector was resilient in its approach last year; it is bracing for growth and transformations in 2023. With digitization at its prime; it is anticipated that the education technology (Edtech) sector will become outcome-focused in the times to come.

= In Year 2024, digitization was aggressive. Arti cial Intelligence and Machine Learning has gained prominence in the times ahead. It is due to technology that education has been able to reach even remote areas as well. The growth of the internet, easy availability of smartphones, and the a ordable pricing of the internet are driving the expansion of online education in urban areas and even remotest of locations.

= Accreditation and Recognition-

With a steady vision and focused growth strategy, GEL is currently involved in the mission for enhancing the human capital of the country through skill development and employability training. GEL has collaborated with Deen Dayal Upadhyaya Grameen Kaushalya Yojna (DDU-GKY) (a scheme of Ministry of Rural Development (MoRD)) skilling for imparting for training & skill development programs in the State of Maharashtra and to transform rural poor youth into an economically independent and globally relevant workforce.


Revenue growth with significant margin development during year 2022-2023 was an outcome of the Companys consistent investments into business fundamentals. Increasing contribution from the new & existing divisions was quite remarkable as well. Now, the Company is well placed to capture the enormous potential and large opportunities available in key education verticals such as e-Learning and Vocational Education.

Strategically, the Company has got a perfect mix of high returns and more sustainable business segments. Educational Training and Development Activities provide higher returns whilst Educational Business Support Activities offers annuity and sustainability. The new initiatives ie e- Learning (Tapping multiple media Youtube, Mobile Apps and Portals), Skill Development and Publication are also expected to fuel the growth without any additional significant capex. There is a continuous thrust from the management to develop a strong R&D and technical service team to develop new products, explore new applications and understand better the changing customer needs.

Given the above macro-economic conditions, GEL will continue to focus on its core Consumer and Enterprise business to grow. In the upcoming years the GEL has focus on digital expansion by tapping multiple media. Further, GEL also focus on expansion of Business Partner networks. The GEL continuous endeavour to align with the ever evolving technology landscape and customer expectations. The GEL focus on creating a businessfriendly environment that supports overall industry growth. The Gel endeavour to build a collaborative strategic relationship with its customers and also to generate adequate shareholder returns over the next several decades.

With the Companys continuous endeavour to improve e ciencies and performance at all levels and functions, your Board view the prospects for the financial year 2023-24 with cautious optimism.


The statements contained in the Boards Report and Management Discussion and Analysis contain certain statements relating to the future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements.

The conditions caused by the COVID-19 pandemic could decrease customers technology spending, affecting demand for our services, delaying prospective customers purchasing decisions, and impacting our ability to provide on-site consulting services; all of which could adversely affect our future revenue, margin and overall financial performance. Actual results, performances or achievements could differ materially from those expressed or implied in such forward looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates. The above discussion and analysis should be read in conjunction with the Companys financial statements included in this report and the notes thereto